A recent pitch in Shark Tank 3’s episode made history with the investors, or ‘sharks’, who increased the company’s worth by 150%. Vineeta Singh, Aman Gupta, and Anupam Mittal were competing for a transaction with a sports technology business controlled primarily by a 22-year-old.
Hitarth Parikh, Chahil Patel, and Harsheet Maliwal, the founders, shocked the sharks with their amazing pitch for their sports technology firm, Hyperlab. The sharks were impressed with the company’s technology and amused when Hitarth stated that he invented it after seeing a cat chase a dot of light. When Hitharth related the cat incident, Anupam laughed and referred to him as an ‘innovator’.
Initially, Anupam offered Rs 1 crore for 5% of the company’s equity. As a result, Aman revised his offer and offered Rs 25 lakh for 1 percent equity, as well as assistance with electronic manufacturing. Vineeta and Namita were quick to match Aman’s offer, leaving the pitchers to make the ultimate decision. All of this was rather remarkable given that by the end of the pitch, Aman had improved their valuation by 150 percent.
The company proprietors sought some time to make a phone call, and they were granted it. Meanwhile, the sharks were observed disputing with one another about upping the valuation. He remarked, “This has happened for the first time that we have started doubling the valuations.” Anupam was furious about this and warned Namita, “Don’t double it.” Increase it by 10 to 20 percent.”
In the end, the owners of Hyperlab accepted Aman’s offer, leaving Namita perplexed. Anupam claimed that the sharks dug a grave for themselves and that the founders accepted the wrong deal. Vineeta told the Hyperlab owners, “I’d love to help you anyway.”
